The Supreme Court scrapped a Reserve Bank of India (RBI) circular preventing banks from providing services in support of cryptocurrencies, lifting a de facto ban on trading in bitcoin and other such instruments. Cryptocurrency exchanges welcomed the decision and startups said they will revive plans to invest and expand their businesses in India. The move may set the tone for a more calibrated regulatory approach toward digital currencies, lawyers said. The bench said the rules governing the matter would depend on what Parliament decides, based on the currently pending draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. It added that the RBI and the central government would have a monopoly on the creation and circulation of any official digital currency whenever such a situation arose.